Acc557 Strayer Financial Accounting P4-1A Thomas Magnum P.I. (Financial Statements, Closing Entries)

P4-1A 
Thomas Magnum began operations as a private investigator on January 1, 2008. The trial balance columns of the worksheet for Thomas Magnum, P.I. at March 31 are as follows. Other data: 1. Supplies on had total 2. Depreciation is   3. Interest accrued on 6-month note payable, issued January 1, 4. Insurance expires at the rate of 5. Services provided but unbilled at March 31 total 

Instructions: 
 (a) Complete the worksheet. 
 (b)
  1. Prepare an income statement for the quarter ended March 31, 2008. 
  2. Prepare a retained earnings statement for the quarter ended March 31, 2011. 
  3. Prepare a classified balance sheet for March 31, 2011.  (c) Journalize the adjusting entries from the adjustments columns of the worksheet. 
 (d) Journalize the closing entries from the financial statement columns of the worksheet.

BUY:  P4-1A Thomas Magnum

Acc557 Strayer Financial Accounting P4-3A Woods Company (FS, Post-Closing Trial Balance)

Note:  This problem uses Common stock, Retained Earnings, Dividends.

P4-3A 
The completed financial statement columns of the worksheet for Woods Company are shown below. 

(given information)

Instructions: 
a.  Prepare an income statement, a retained earnings statement, and a classified balance sheet. No additional common stock was issued during 2008. 
b.  Prepare the closing entries. (List multiple debit/credit entries in descending order of amount.) 
c.  Post the closing entries and rule and balance the accounts. Use T accounts. Income Summary is account No. 350. 
 d.  Prepare a post-closing trial balance. (If answer is zero, please enter 0, do not leave any fields blank.)  

BUY: P4-3A Woods Company